Establishing a Family Office in Singapore
Published: September 2023In this issue of ASEAN Briefing magazine, we provide an overview of the factors that make Singapore the ideal destination for a family office. We then explore the family office structure and entities setup. Finally, we demonstrate the key requirements to qualifying for income tax exemption for family offices.
Singapore has become the preferred destination for family offices. The city-state recorded over 1,500 family offices by the end of 2022, managing assets worth just over US$66 billion.
It is because of Singapore’s streamlined business setup process, targeted tax incentives, skilled workforce, and robust legal system that the city-state has transformed into Asia’s family office hub. Further, Singapore’s location at the heart of the rapidly growing economies of Southeast Asia serves as a gateway for new investment opportunities for the family offices of high-net-worth individuals.
In this issue of ASEAN Briefing magazine, we provide an overview of the factors that make Singapore the ideal destination for a family office. We then explore the family office structure and entities setup. Finally, we demonstrate the key requirements to qualifying for income tax exemption for family offices.